Ireland emerged from its second recession in five years during the second quarter. Growth rose to 0.4% during the three months ended in June, less than the market’s expectation of 1%, according to Bloomberg. Exports and consumer spending helped drive output in the once high-flying economy. (The collapse of a large property bubble, and then the bulk of the country’s banking system, forced Ireland to seek a bailout in 2010.)
But there’s relatively little to celebrate in Ireland at the moment. Unemployment is near 14%. The banking system remains a mess. And because the economy has performed so poorly, the nation’s debt load continues to rise.